Dollar Review – Australian dollar gains on bailout hopes for Italy

The Aussie Dollar made a recovery come-back to arrive at just over 1.5 US cents higher compared to last week.

Chief currency strategist from Westpac, Robert Rennie, was pleased to announce that traders were welcomed with a “cocktail of good news” when they arrived at work earlier today.

Weekend news reports by various media streams, have mentioned that a bailout of $600 billion dollars forItalywas being considered by the International Monetary fund. There have also been reports of further talks among the Eurozone’s core members regarding the implementation of greater fiscal integration.

This has given the Aussie Dollar a boost, despite negative media reports on the Italian bailout previously.

Mr. Rennie also said that, “ We’d been selling the Aussie on this steady stream of bad news that we’ve had over recent weeks” and that “It feels as if we’ve got to a point where we are almost suffering from bad news fatigue”.

He predicted that the Aussie Dollar could possibly increase to as much as 99.10USthrough overnight trading.

The dollar was at 98.57 US cents at 5pm (AEDT) today, rising up more than 1.5 US cents from 96.95 US cents on Friday.

AUD/ GBP: 0.640345
AUD/ EUR: 0.745848                  
AUD/ USD: 1.017289      
AUD/ JPY:  78.790929
Exchange rates as of 11:16, 28 November 2011

Composed by Chad Frieslich
:: Note: The above exchange rates are based on “interbank” rates.  If you want to transfer money to or fromAustraliathen please register/login on our website, www.1stcontactforex.com, or call us for a live dealing rate.  Make use of a Rate Notifier to send you alert when the Australian exchange rate reaches levels you are looking for.